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Two issues: Firstly, the mining allocation rate isn't meaningfully part of the bitcoin protocol; it's just a setting. Any portion of the network large enough
by bcoates 14y ago
Two issues:
Firstly, the mining allocation rate isn't meaningfully part of the bitcoin protocol; it's just a setting. Any portion of the network large enough to survive as a detached economy can choose to change the (batty) monetary policy whenever it likes.
Secondly, this probably won't be necessary, as nothing really prevents bitcoin holders from forming banks and issuing inflationary/debased/pegged notes to beat the price down to sanity, using the existing transaction ledger for accounting.
- basch 14y agoExactly. Everyone seems to be missing the fact that "bitcoin" is a protocol and the most prominent instance of its use. Any government or group of people can go start their own blockchain.
- pixelcort 14y agoOr even fork off the existing block chain at a pre-determined block. This way, all existing owners of the parent crypto currency would have equal coin-to-coin values in the new crypto currency as of a certain date. I'm surprised I haven't heard of any existing alternate crypto currencies intentionally forking off of the existing Bitcoin block chain. They all seem to start off with their own new block chains.